Posted on: 25th Apr, 2010 02:03 am
i keep hearing that filing bankruptcy stops foreclosure, but when i started the process i was told it just delays it. the bank will file a petition to get the house out of the bankruptcy and proceed with the foreclosure. the sale date is set for may 18th. my bk papers are being filed monday (4/26). my lawyer believes it will take gmac 30 days to get themselves removed. so, the question is, does anyone have any idea how long it usually takes for a mortgage company to set a new sale date?
it just occurred to me as i was asking this that i will have both a bankruptcy and a foreclosure on my credit. what a nice thought....
it just occurred to me as i was asking this that i will have both a bankruptcy and a foreclosure on my credit. what a nice thought....
Welcome ekokai,
The lender will have to apply for the removal of the automatic stay in order to foreclose the property to recover the dues. Once they get a release from the automatic stay, they can go ahead with the foreclosure procedure. At that time, the lender will let you know about the new sale date.
If your property is foreclosed upon and you file bankruptcy, then both will be reported in your credit report and your credit score would get negatively affected due to this.
The lender will have to apply for the removal of the automatic stay in order to foreclose the property to recover the dues. Once they get a release from the automatic stay, they can go ahead with the foreclosure procedure. At that time, the lender will let you know about the new sale date.
If your property is foreclosed upon and you file bankruptcy, then both will be reported in your credit report and your credit score would get negatively affected due to this.